LONDON - U.K. pension funds are hiring more specialist managers, according to a survey by Phillips & Drew.
Forty-two percent of funds surveyed used specialist managers, up from 34% the year before. Use of passive U.K. equity and active bond managers is on the rise.
Balanced managers, however, still predominate. Phillips & Drew found 78% of U.K. pension funds use at least one balanced manager. Larger funds increasingly are splitting off assets into specialist portfolios; balanced managers ran only 82% of U.K. pension assets as of this spring, down from 87% a year earlier.
Use of customized benchmarks has doubled to one-quarter of funds surveyed from 12% in 1997.
Pareto founding member
Nigel Harris dies
LONDON - Nigel Harris, 37, a founding member of Pareto Partners, died Oct. 30 from a brain tumor. As director, investment management, he oversaw risk management and administration for the firm.
He is survived by his wife, Joanna, and three children. An educational trust is being established at Pareto for Mr. Harris' children.
Funeral services were held Nov. 2.